Seven-day rally in stock markets ended due to profit-booking, 50 points fall in Sensex

Mumbai, October 19 (Agency)

On Tuesday, the trend of profit-booking continued for 7 trading sessions in the stock markets came to an end. Investors reaped profits as the market hit record highs, causing the Sensex to lose nearly 50 points. Hindustan Unilever’s second quarter results were below expectations. This led to a fall in FMCG stocks. However, shares of IT companies remained strong. The BSE 30-share Sensex rose to its all-time high of 62,245.43 points during the day’s trading. However, it closed at 61,716.05, losing 49.54 points, or 0.08 per cent, on selling pressure in the last hour of trading. Similarly, the Nifty of the National Stock Exchange fell 58.30 points or 0.32 percent to 18,418.75 points. It touched its record level of 18,604.45 during the day’s trading. Among the Sensex companies, ITC’s stock fell the most by 6.23 percent. Hindustan Unilever lost 4.06 per cent. FMCG major Hindustan Unilever reported a consolidated net profit of 10.69 per cent at Rs 2,185 crore for the September quarter. Shares of Titan, Tata Steel, UltraTech Cement and PowerGrid also ended in losses. On the other hand, Tech Mahindra, L&T, Bajaj Finserv, Infosys, HDFC Bank and Kotak Bank rose up to 4.12 per cent. Of the 30 Sensex stocks, 16 were in losses.

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